I have received the freight bill of April 2015 as on 15th may 2015 then whether TDS should be deducted and paid with interest or we can book it in may as we had not received the bill earlier and deduct the tds for current month may without any interest component.And book the same mentioned with the date of receipt of bill i.e 15.05.2015. Please guide for the same.
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Tds deduction
Replies (10)
Yeah u can account the same in may (bcoz u received the bill only then) and account it in may and pay tds by 7th of next month without any interest. But pls make sure date of accounting of bill as well as date of deduction of tax is on same date.
We should pay interest if we will not pay interest then every person on late payment of TDS will say bill have been late received nd late booked
@ Shyam: I dont agree with u, how can anyone book any exps without bill, that too in this case, for april month freight charges, how can one receive bill in april only?
We should have to account on this day when payment is approved for this expenses and TDS to be deducted on same day
No interest is to be paid.
Account it in may.
Accounted same on the date of receipt of bill..
No interest to be paid..
Sec 194C:
No deduction shall be made from any sum credited or paid or likely to be credited or paid during the previous year to the account of contractor during the course of business of plying, hiring or leasing goods carriages, on furnishing of his Permanent Account Number
Hence, No TDS is required to be deducted on payments made or credited to Transport Operator.
However, if transporter does not furnish his PAN, then TDS shall be deducted @ 20%
For your question:
TDS should be deducted at the time of credit in your books or payment which ever is earlier
No interest is liable to pay
agree with @ praveenguptamakam
@ praveenguptamakam & @ vijendra: You u right in case of GTA but if not, then TDS is deductible. Moroever, this provision about GTA is amended and wef from 1/6/15, TDS has to be deducted if such transporter has more than 10 vehicles. However, in case of transporter having <=10 vehicles, declaration as specified in relevant form and PAN if submitted, no TDS.
.
THANK U
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